# Crisis Prediction by Capital Account Openness

| Variable | High Openness | Low Openness |
|:---|---:|---:|
| Z_1 | -0.0796 | -0.1737** |
| | (0.1041) | (0.0808) |
| Z_2 | 0.0096 | 0.0222* |
| | (0.0154) | (0.0121) |
| Z_3 | -0.0003 | -0.0008 |
| | (0.0006) | (0.0005) |
| fiscal_bal_gdp | 0.0001 | -0.0004 |
| | (0.0004) | (0.0004) |
| nfa_gdp_lag | -0.0010 | -0.0014 |
| | (0.0016) | (0.0016) |
| rgdp_growth | -0.0013*** | -0.0007** |
| | (0.0004) | (0.0003) |
|:---|---:|---:|
| N | 2734 | 3369 |
| R² | 0.0067 | 0.0097 |
| Countries | 113 | 189 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*